A paycheck stub summarizes how your total earnings were distributed. The information on a paystub includes how much was paid on your behalf in taxes,how much was deducted for benefits,and the total amount that was paid to you after taxes and deductions were taken.
People also ask
What does fit stand for on a pay stub?
FIT on a pay stub stands for federal income tax. This is the amount of money an employer needs to withhold from an employee’s income in order to pay taxes. In the United States, federal income tax is determined by the Internal Revenue Service. FIT is applied to taxpayers for all of their taxable income during the year.
What is the difference between a check stub and pay stub?
The check stub also shows taxes and other deductions taken out of an employee鈥檚 earnings. And, the pay stub shows the amount the employee actually receives (i.e., net pay). What is on a pay stub? There are many details on a pay stub that help you and your employee keep track of payments, taxes, and deductions.
What should I look for on my last pay stub?
Be sure to check that the information on your last pay stub of the year matches the information on your W-2 form, which details your wages and taxes paid for the year. Pay Stub Deduction Codes 鈥?What Do They Mean?
What are payroll taxes on a pay stub?
Payroll taxes and other deductions (we鈥檒l get to those later) reduce the employee鈥檚 earnings. The pay stub itemizes taxes so that employees can see all the tax amounts withheld from their gross pay. Standard employee payroll taxes on a pay stub include: